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they get $120 billion tax break. and people come forward and say we're very serious about deficit reduction. third area that we have to look at, the president wanted, as you recall a few weeks ago, $1.6 trillion in new revenue. we're now down to, as i understand it, about $600 billion. a significant reduction. if you don't have new revenue coming in from the wealthiest people, it will mean, as we go down the pike -- >> there are so many issues like, this that are -- have been originally talked about. but when push comes to shove, and it comes up to the absolute deadline and everybody is hopefully still talking tomorrow, how narrow could this deal be to get it done? >> how what? >> how narrow could this deal be? could it be just about whose taxes expire and whose don't? >> as i think some of your commentators made, people have to understand the world does not collapse in terms of the so-called deficit cliff, which many of us see as a slope. it doesn't collapse on january 1. not everybody's taxes are going up. you have
they get $120 billion tax break. and people come forward and say we're very serious about deficit reduction. third area that we have to look at, the president wanted, as you recall a few weeks ago, $1.6 trillion in new revenue. we're now down to, as i understand it, about $600 billion. a significant reduction. if you don't have new revenue coming in from the wealthiest people, it will mean, as we go down the pike -- >> there are so many issues like, this that are -- have been originally...
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that we're talking about, whether it's something called the alternative minimum tax or the estate tax or extending the current bush-era income tax cuts, all of them cost money. all of them mean we have less revenue to support the operations of government, so if going forward we're going to reach a balance, where we both cut spending and raise revenue, we have to achieve the right balance of those, so if there are folks in the other party, the republican party, who feel strongly that we should not allow income tax breaks of the last decade to continue, that's fine. i think they simply need to be willing to balance that with some of the democratic priorities like extending unemployment insurance benefits for nearly 2 million unemployed americans who will lose them tomorrow. >> thank you senator chris coons for joining us. >> thank you. >> coming up, former president george h.w. bush is out of icu, and the how the oak ridge boys may have helped lift his spirits. >>> and with less than 30 hours to go before the fiscal cliff, we're watching capitol hill for any kinds of a deal today. you'r
that we're talking about, whether it's something called the alternative minimum tax or the estate tax or extending the current bush-era income tax cuts, all of them cost money. all of them mean we have less revenue to support the operations of government, so if going forward we're going to reach a balance, where we both cut spending and raise revenue, we have to achieve the right balance of those, so if there are folks in the other party, the republican party, who feel strongly that we should...
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in which case middle class taxes will not go up. if that doesn't happen, then democrats in the senate will put a bill on the floor of the senate, and republicans will have to decide if they are going to block it, which will mean that middle class taxes do go up. i don't think they would want to do that politically, but they may end up doing it. and if all else fails, if republicans do, in fact, decide to block it so that taxes on middle class families do go up on january 1st, then we'll come back with a new congress on january 4th, and the first bill that will be introduced on the floor will be to cut taxes on middle class families. and, you know, i don't think the average person is going to say, gosh, you know r, that's a real partisan agenda on the part of either the president or democrats in congress. i think people will say that makes sense because that's what the economy needs right now. so one way or another we'll get through this. do i wish that things were more orderly in washington and rational and people listened to the be
in which case middle class taxes will not go up. if that doesn't happen, then democrats in the senate will put a bill on the floor of the senate, and republicans will have to decide if they are going to block it, which will mean that middle class taxes do go up. i don't think they would want to do that politically, but they may end up doing it. and if all else fails, if republicans do, in fact, decide to block it so that taxes on middle class families do go up on january 1st, then we'll come...
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all the tax cuts including the tax cuts for the wealthy expire on january 1. so that is sort of a short term advantage. these programs, medicare, social security are incredibly popular. cutting them is unpopular. republicans' basic agenda is to cut them. some want to cut them or reform them for totally good reasons that costs are rising over time and as the population ages they take up more and more of the economy and more government spending. they are at a strategic disadvantage which is they want to cut programs that are incredib incredibly popular. anytime you are set against the consensus of public opinion it is a difficult course. you have to acknowledge that reality. as long as obama and democrats have that they will have the leverage as we repeat the negotiations in the decades to come. >> thank you for joining me. stick around we will be speaking with you two later this hour. >>> coming up the republican who is not afraid to stand up to his own party joins us live. what does he make of the sudden turn in the fiscal talks? is there still time to hammer
all the tax cuts including the tax cuts for the wealthy expire on january 1. so that is sort of a short term advantage. these programs, medicare, social security are incredibly popular. cutting them is unpopular. republicans' basic agenda is to cut them. some want to cut them or reform them for totally good reasons that costs are rising over time and as the population ages they take up more and more of the economy and more government spending. they are at a strategic disadvantage which is they...
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because you have to add both the obama care tax that's coming and the tax, the disappearing bush tax increase and this hits primarily as you know, small business owners and people who file subchapter s corporations. >> that's not who is primarily hits, it hits some of those people. >> over half of all the small business income that ends up paying this higher rate, if you do it. and the last time we did this, more than two-thirds of the people who got hit, were actually the subchapter s corporation. i think it would have a very significant effect. the other effect it has is that we're not cutting spending because we're spending too much money. and that sends a very bad signal. if we're not going to do entitlement reform, because every time we talk about it obama says let's raise taxes instead. we're dealing with tens of trillions of dollars in unfunded liabilities, in four years obama has done nothing on entitlement reform. nothing for four years. what has he done? chirped about raising taxes on rich people. raising taxes on rich people is what obama talks about instead of doing his j
because you have to add both the obama care tax that's coming and the tax, the disappearing bush tax increase and this hits primarily as you know, small business owners and people who file subchapter s corporations. >> that's not who is primarily hits, it hits some of those people. >> over half of all the small business income that ends up paying this higher rate, if you do it. and the last time we did this, more than two-thirds of the people who got hit, were actually the...
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, gas taxes sales taxes, you name it. as a result virginia has a job growth rate that is three times that of maryland. virginia has a lower unemployment rate. so you see that contrast and paul, i think in this election, it actually worked to the president's benefit in some of the swing states like o-ohio and virginia and you had the voters in the states experiencing above average growth thanks to the policies of republican governors. >> paul: kim, then you see the alternatives and let me mention one state where democrat gina amando the state treasurer pushed through a terrific pension reform, probably the best in the country, but if you look at other states where the democratic coalition is dominant, illinois, for example, new york state and california, you see a very different policy mix. which direction are they going? >> their policy mixes to mirror what's happening in washington, which is do not address any of your structural spending problems and need to add spending and ask your taxpayers in particular to-- the weal
, gas taxes sales taxes, you name it. as a result virginia has a job growth rate that is three times that of maryland. virginia has a lower unemployment rate. so you see that contrast and paul, i think in this election, it actually worked to the president's benefit in some of the swing states like o-ohio and virginia and you had the voters in the states experiencing above average growth thanks to the policies of republican governors. >> paul: kim, then you see the alternatives and let me...
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take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a date for the prom. everybody is talking about protecting the middle class here. so i think this deal will probably get done around the middle class tax cut. it's at what level. $400,000 or $250,000 or some other number. which is going to be critically important. a lot of people don't realize in a large urban and suburban areas of america, $250,000 doesn't make you rich. have you two kids in college at $60,000. if you're a boomer, you may have a dependent parent of some kind. spending another $20,000 or $25,000 on that. you have to have a definition of what is the middle class.
take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a...
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the payroll tax holiday. maybe you don't give the whole amount, just part of it. it adds up to $200 billion so the economy continues to grow. then the debt reduction is raised by february. >> mr. davis. he started his comment about solving this saying you have to take the politics out of it. it's not possible at this point. even though the deal, everything you heard from him, you may have agreed with and go along with it. how are you going to take the politics out of it with the clock ticking? >> if you don't get an agreement, it's going to hurt both parties. somebody may have the advantage today and tomorrow in the news headlines, if this doesn't happen, it hurts the president's legacy, it hardens the lines between them. this is not, as joe said, complicated to solve over the short term. long term, a little more complicated. if they can't get through this, it makes it much more difficult over the long term. >> to both of you here, you heard something the president said. david gregory pushed back on the presi
the payroll tax holiday. maybe you don't give the whole amount, just part of it. it adds up to $200 billion so the economy continues to grow. then the debt reduction is raised by february. >> mr. davis. he started his comment about solving this saying you have to take the politics out of it. it's not possible at this point. even though the deal, everything you heard from him, you may have agreed with and go along with it. how are you going to take the politics out of it with the clock...
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details on a brand-new sales tax. and senator libbedy graham has been an outspoken critic of president barack obama for years. but what is he saying today? >> if the president doesn't deal with this, he is a lousy commander in chief. [ male announcer ] how do you measure happiness? by the armful? by the barrelful? the carful? how about...by the bowlful? campbell's soups give you nutrition, energy, and can help you keep a healthy weight. campbell's. it's amazing what soup can do. time for citi price rewind. because your daughter really wants that pink castle thing. and you realldon't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it findone, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all youeed is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. >>> you are not only going to cut your way to prosperity. >> we have not seen the leade
details on a brand-new sales tax. and senator libbedy graham has been an outspoken critic of president barack obama for years. but what is he saying today? >> if the president doesn't deal with this, he is a lousy commander in chief. [ male announcer ] how do you measure happiness? by the armful? by the barrelful? the carful? how about...by the bowlful? campbell's soups give you nutrition, energy, and can help you keep a healthy weight. campbell's. it's amazing what soup can do. time for...
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forcing tax increases and lactose intolerance on america this morning. jon karl, thank you very much. jon, by the way, has a big show this morning. senators chuck schumer and jon kyl debating the cliff. that is later on "this week." >>> a lot of news developing overnight. we go to mr. ron claiborne who has extraordinary videotape. >>> out of russia. a plane crash outside of moscow. we'll begin with this stunning video. the plane overshot the runway and careened into traffic and abc's kirit radia has the story. >> reporter: you're about to see the terrifying moment of impact as the russian passenger jet slams into a busy highway. watch again. you can see the plane's tire colliding with the moving car. and listen closely. you can hear the squealing brakes and crushing metal. the crash took place on saturday at an airport outside moscow. the red wing airlines flight broke through a barrier fence shattering into three pieces and bursting into flames before skidding to a stop at the edge of the highway. witnesses rushed to pull survivors out of the wreckage.
forcing tax increases and lactose intolerance on america this morning. jon karl, thank you very much. jon, by the way, has a big show this morning. senators chuck schumer and jon kyl debating the cliff. that is later on "this week." >>> a lot of news developing overnight. we go to mr. ron claiborne who has extraordinary videotape. >>> out of russia. a plane crash outside of moscow. we'll begin with this stunning video. the plane overshot the runway and careened into...
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i don't care about your tax policy, you are not a moderate. >> we were not talking abortion. we had birth control on the table. >> i say this to my friends. i felt they were trying to kill me with women's policies. i'm one of those freaky people that takes birth control medicinely. i take nothing else prescription. that is all i take. so, they don't want me to take my birth control. if i get knocked up, it will kill me like shelby from "steel magnolias" but they won't let me have an abortion. apparently, birth control is 99.8% successful. i did get knocked up. i had a miscarriage but i still had to have an abortion. they would want you to wait until you went septic like the woman did in ireland. their goal was to kill me. i talked to my sisters and we decided to sink them first. >> seriously, to sink them first. when we look at the numbers, what happened? when there are ways to read the outcomes, basically women voters in this election, i think didn't feel the sense of trying to be killed, but when you saw women overall chose president obama over mitt romney, 55 to 44. there
i don't care about your tax policy, you are not a moderate. >> we were not talking abortion. we had birth control on the table. >> i say this to my friends. i felt they were trying to kill me with women's policies. i'm one of those freaky people that takes birth control medicinely. i take nothing else prescription. that is all i take. so, they don't want me to take my birth control. if i get knocked up, it will kill me like shelby from "steel magnolias" but they won't let...
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you got a fuel tax and fuel tax is a huge tax . they are using the argument to get better mileage now. maybe you don't need to do so much. it is based on mileage. >> wayne makes a good point about the privacy issue. transponder tracking my mile it is big brotherish. >> it is and john makes a good argument against it it is a important policy work. its probably a bad idea. we don't need new tax. thmileage tax could hurt fuel efficient car it is the and questions o heavy congesti times and it is unworkable idea and why the obama administration distanced it. >> we he a trust fund in 2013 and that is to go to the roads. it will be negative and needs a fuel tax to fund it again. >> it is not too long. it will go negative in 2015. the gas tax is raised continuously since it was enacted in the 1950s. they are paying 64 cents a gallon in taxings. why is that the only proposal. it why not freedom. there is it public assets in every country but here at home. la guardia. terrible airport owned by the government. new xico and new zealand. airpo
you got a fuel tax and fuel tax is a huge tax . they are using the argument to get better mileage now. maybe you don't need to do so much. it is based on mileage. >> wayne makes a good point about the privacy issue. transponder tracking my mile it is big brotherish. >> it is and john makes a good argument against it it is a important policy work. its probably a bad idea. we don't need new tax. thmileage tax could hurt fuel efficient car it is the and questions o heavy congesti times...
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. >> just about everybody is trying to stop the tax cuts from exping. but billions in subidies for wind energy should be expiring. could they be right or will they blow up energy prices. we'll go in focus with steve bor bes and bill and morgan. is it paying off? >> no, it is 18 times that of nuclear energy. ronald reagan was right. thes thing to immortality is a government program. politicians are labeled with hot wind and we label the section gone with the wind. >> we have sending sib sidies in '92, has it been worth it. >> we are early inlet process. we have subsidized oil and coal and gas. we have done themrom darn near a century. these don't look so bad. like i or not, the majority of americs believe that global warming is an issue. we need to develop clear energy sources. fossil fuels may b a difficult problem. we are subsidizing thingings. it is cheaper to produce energy from natural gas. it is a subsidies. other than it is nural gas there. it is 63 cents compared to $53. th is not a pay off to me. >> i will have to disagree with rick. last time w
. >> just about everybody is trying to stop the tax cuts from exping. but billions in subidies for wind energy should be expiring. could they be right or will they blow up energy prices. we'll go in focus with steve bor bes and bill and morgan. is it paying off? >> no, it is 18 times that of nuclear energy. ronald reagan was right. thes thing to immortality is a government program. politicians are labeled with hot wind and we label the section gone with the wind. >> we have...
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. >> that's with the $250,000 and under keeping their tax rate. everybody else gets a tax hike? >> i live in an alternate reality. the grew of age in politics in the clinton administration and watched pelosi and harry reid vote for tax increases under bill clinton that are the taxes we would go back to if we do nothing. at the same time, i watched nancy pelosi lead the charge against the bush tax cuts that ultimately now they want to keep 98% of. the truth is if we go over the cliff on a tax basis, we're only going back to the clinton era taxes. if we don't change spending, we're going to stay over the cliff. even if we go back to the clinton tax rates, the clinton tax rates, which is what the cliff is described as, you still have nearly half a trillion dollars a year, $5 trillion over ten years worth of deficit. that's because while we grew the -- under bush the taxes revenue went up 25%, and spending went up 100% in the last 12 years. if you put back the revenue from the higher taxes, you still have a deficit. that's what we're trying to change. >> we kind of are where we are,
. >> that's with the $250,000 and under keeping their tax rate. everybody else gets a tax hike? >> i live in an alternate reality. the grew of age in politics in the clinton administration and watched pelosi and harry reid vote for tax increases under bill clinton that are the taxes we would go back to if we do nothing. at the same time, i watched nancy pelosi lead the charge against the bush tax cuts that ultimately now they want to keep 98% of. the truth is if we go over the cliff...
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i'm talking about taxes going up no matter what. taxes in the esident's health care law. a new tax on invesent income, a tax on medical device makers costing jobs, those aren't the only ones, that last tax forcing companies, many companies to yoff workers. and coming attractions for thehe new year, to ben stein, charles payne, todd schoenberger and sarah, charles, you first. >> let the flood gates open. listen, dagen, obviously, we know-- actually we don't know, but it's to nancy pelosi's point we're going to find out and i hope we like it. lot of taxes associated with obamacare. you mentioned the medic device issue, a lot of these companies, by the way, medical device companies have been laying off workers right now. and that is, if this impacts, by the way, everyone, takes away from research and development, which will take away from life saving innovation and it's just, again, the very tip of the iceberg. ultimately, there's going to be a whole lot of taxes that just opens the gate for. this is just the beginning. >> ben, even if u look at action taken by the medical d
i'm talking about taxes going up no matter what. taxes in the esident's health care law. a new tax on invesent income, a tax on medical device makers costing jobs, those aren't the only ones, that last tax forcing companies, many companies to yoff workers. and coming attractions for thehe new year, to ben stein, charles payne, todd schoenberger and sarah, charles, you first. >> let the flood gates open. listen, dagen, obviously, we know-- actually we don't know, but it's to nancy pelosi's...
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short-term expiring tax cuts, including e paoll tax cut. you know, it's not the best way to solve a problem, but this cliff is the result of not coming up with deals and they're not going to come up with battery deal if it' negotiated it's not the ideal way to solve it out after deficit. we'd like to gradually raise taxes and cut spending, but this is the best we're going to get. any of the deals they would agree on, probably leave us to the oer guest's int, close t a trillion dollars anyway, and it's the clost shot leaves us with a deficit and closing this gap we can't get out of. and since they lowered taxes they raise spending and two things have to convening and one unfortunate way to do it. >> aren't we in the end, toby, go to get a bad deal? >> from the market standpoint we want to this riding in the last moment on white horses kumbayah, i believe the last hour the last day. >> the markets have been down had a bad week, selloff. >> in the futures market on friday, just after the guy came outen said maybe we have a deal, shot up a hund
short-term expiring tax cuts, including e paoll tax cut. you know, it's not the best way to solve a problem, but this cliff is the result of not coming up with deals and they're not going to come up with battery deal if it' negotiated it's not the ideal way to solve it out after deficit. we'd like to gradually raise taxes and cut spending, but this is the best we're going to get. any of the deals they would agree on, probably leave us to the oer guest's int, close t a trillion dollars anyway,...
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and allowing taxes to increase on the wealthiest americans. this remains a major sticking point for many republicans. some say a small deal is better than no deal at all but represents a lack of leadership. >> they haven't taken any of the hard measures to bring spending down and reform entitlements and raise more revenues. >> reporter: now, late saturday, negotiators continued to haggle over a number of issues, particularly the issue of taxes. republican leader, mitch mcconnell, was spotted at the capital. when asked if they would reach a deal, he told reporters, quote, i hope so. erica? >> many americans hoping so too. >>> david gregory is moderator of "meet the press." good morning. >> good morning, erica. >> you sat down with an exclusive interview with the president. did he seem optimistic to you? >> he says he is optimistic but really preparing to play hardball. his own approach, plan "b," is a small deal to get an extension of the middle class tax cuts and do very little else. the fight over the debt continues into the new year just wee
and allowing taxes to increase on the wealthiest americans. this remains a major sticking point for many republicans. some say a small deal is better than no deal at all but represents a lack of leadership. >> they haven't taken any of the hard measures to bring spending down and reform entitlements and raise more revenues. >> reporter: now, late saturday, negotiators continued to haggle over a number of issues, particularly the issue of taxes. republican leader, mitch mcconnell,...
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an increase in the estate tax. in case those discussions break down, the president has asked democratic leader harry reid to prepare a separate bill to put on the floor of the senate that would raise taxes on households that earn $250,000 or more. that's really a democratic proposal, and you can expect republicans to block it. rather than thinking of that as a stop gap measure, you should probably think of it it as a political measure to shift the responsibility for failure onto republicans just before the nation hits the hour of reckoning. alison. >> thanks. with everyone from the president to republican leaders expressing hope for a deal by tomorrow night, at least one congressman says the chances look slim to none. listen to virginia democrat jim moran as he describes why he'll likely vote against a deal. >> my congressional district would be the hardest-hit if we go over the fiscal cliff. i have tens of thousands of federal employees and a great deal of defense spending would be at risk. so if we don't suspend
an increase in the estate tax. in case those discussions break down, the president has asked democratic leader harry reid to prepare a separate bill to put on the floor of the senate that would raise taxes on households that earn $250,000 or more. that's really a democratic proposal, and you can expect republicans to block it. rather than thinking of that as a stop gap measure, you should probably think of it it as a political measure to shift the responsibility for failure onto republicans...
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i think the payroll tax was so for the making tax credit. so when that wasn't renewed that was the best option. i think the payroll tax cut is the best option. i feel like i'm one note on this but to go back to what i said earlier. ultimately, what will keep social security sustainable is the rate of growth in the economy. and i had to trade a couple more years of reduced revenue for social security for more growth, i think more growth is the right trade to make. i'm worried -- a lot of worrying about if we keep the payroll tax low or we lose money for social security over the long term? probably, but i think it's offset by the additional growth you get from just having lower unemployment and faster gdp growth and the whole nine yards. >> one thing that the way they have deviced the payroll tax holiday, they say technically speaking they're not taking money from social security. they're replacing it with money from the general budget. so you never actually have, a gap. but the concern is that that ends up lumping together social security, wh
i think the payroll tax was so for the making tax credit. so when that wasn't renewed that was the best option. i think the payroll tax cut is the best option. i feel like i'm one note on this but to go back to what i said earlier. ultimately, what will keep social security sustainable is the rate of growth in the economy. and i had to trade a couple more years of reduced revenue for social security for more growth, i think more growth is the right trade to make. i'm worried -- a lot of...
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estate tax, that's a big sticking point. the senate republicans will insist it sticks at its current rate. >> thank you. we'll be back in a moment. this is "hard ball," the place for politics. [ buzzing ] for politics. bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. starts with arthritis pain and a choice. take tylenol or take aleve, the #1 recommended pain reliever by orthopedic doctors. just two aleve can keep pain away all day. back to the news. "are you a cool mom?" i'm gonna find out. [ female announcer ] swiffer wetjet's pads are better than ever. now they have the scrubbing power of mr. clean magic eraser so you don't have to get down on your hands and knees to scrub away tough, dried-on stains. hey, do you guys think i'm "momtacular" or "momtrocious"? ♪ [ female announcer ] swiffer. now with the scrubbing power of mr. cl
estate tax, that's a big sticking point. the senate republicans will insist it sticks at its current rate. >> thank you. we'll be back in a moment. this is "hard ball," the place for politics. [ buzzing ] for politics. bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. starts with...
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if they can't reach a deal by new year's eve, taxes go up for every american and americans will suffer deep spending cuts. >>> new york city police have charge add 31-year-old woman to murder of a hate crime. she allegedly confessed to pushing a man in front of a subway on thursday. now back to "lockup." >>> in 1991, eddie lowery is paroled from prison. after serving nearly ten years behind bars for a rape he now says he didn't commit. lowery moves to kansas city, missouri. he gets a job at a ford motor plant on the assembly line. he marries teri and starts a new family. buys a house in the suburbs. but still, he's a man with a past. >> my prison number is 37839. i know it like my social security number. you know was known so long for that name. my first name was lowery. my last name was 37839. >> though lowery is out of prison, he's not free. in 1996, congress passes megan's law. it requires that the names and addresses of sex offenders be made available to the public. >> i was like, another bombshell to me. you know i was like now neighbors are going to find out. people are going to
if they can't reach a deal by new year's eve, taxes go up for every american and americans will suffer deep spending cuts. >>> new york city police have charge add 31-year-old woman to murder of a hate crime. she allegedly confessed to pushing a man in front of a subway on thursday. now back to "lockup." >>> in 1991, eddie lowery is paroled from prison. after serving nearly ten years behind bars for a rape he now says he didn't commit. lowery moves to kansas city,...
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you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually generate? well, if we take about 12.4 days to run the federal government, that's the amount of money extra that the government would bring in to run the federal government. that's how much we spend in 12 days. so, all of this fighting back and forth, that's why so much is being said or lack of-- i guess i should say, lack of being said about cuts. and the real way we can grow this economy is cuts. get all of this out of control spending in place first. >> dave: right, and just the conversation alone that we're now having, the american people are the loser in this deal because none of this talk is abou
you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually...
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the alternative minimum tax is one that people talk about. the estate tax. these are all things that would affect average americans and which would hit on january 1st. so the fiscal cliff, it might be even bigger than people realize. don? >> lisa, thank you very much. >>> we've got a lot more planned for you this saturday night. here's what else is ahead. as our lawmakers wrestle with u.s. gun violence, chicago hits an awful milestone. 500 murders this year and counting. what's to blame? a former gang member and chicago's police superintendent join me live. >>> plus, president obama could tap this republican to lead the defense department. but not everyone wants to see a secretary hagel. why some of the loudest voices with coming from his own party. >>> and 2012 is almost history. but what's the takeaway? comedian dean obeidallah schools us with his top ten lessons of 2012. >>> and also good news to tell you about a story we have been reporting on tonight. two missing georgia boys have been found safe in austin, texas. their father, the man who allegedly kid
the alternative minimum tax is one that people talk about. the estate tax. these are all things that would affect average americans and which would hit on january 1st. so the fiscal cliff, it might be even bigger than people realize. don? >> lisa, thank you very much. >>> we've got a lot more planned for you this saturday night. here's what else is ahead. as our lawmakers wrestle with u.s. gun violence, chicago hits an awful milestone. 500 murders this year and counting. what's...
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tax them! there's a real mood afoot in the country with regard to the very rich right now. >> the powerful took hits too. hardest fall from a high place, david petraeus. whose biographer turned out to be writing not so much between the lines as between the sheets. >> whoa! it was so salacious. it was something you'd expect to find, like, in a tabloid on the front page of a tabloid. >> everybody liked him. both sides of the aisle were big fans of david petraeus. but, it just goes to show you that power corrupts and ultimate power gets you laid. >> paula broadwell, she's a very capable, durable human being. she'll emerge from this with a huge book deal and maybe her own talk show. but mrs. petraeus, i just feel terrible for. >> other bad breaks. "newsweek" magazine folds, at least the print edition, going away after almost 80 years. it's all digital, now. hostess beaten down by financial troubles hands pink slips to 18,000 workers and walking papers to its signature products, including twinkies.
tax them! there's a real mood afoot in the country with regard to the very rich right now. >> the powerful took hits too. hardest fall from a high place, david petraeus. whose biographer turned out to be writing not so much between the lines as between the sheets. >> whoa! it was so salacious. it was something you'd expect to find, like, in a tabloid on the front page of a tabloid. >> everybody liked him. both sides of the aisle were big fans of david petraeus. but, it just...
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i want to get my first income tax check. i want to get a driver's license. i want to get a car that's legit under my name. >> have you ever had any of these experiences? >> no. >> but later in our stay, sanchez found out that due to a miscalculation of his sentence, his release would be delayed by 15 days. >> when we checked in with joe a couple weeks later, he was preparing to go to a meeting with prison staff. he was going to be told that they had miscalculated his good time. he was going to have to stay in prison longer. >> are you going to come out or not? >> he knew all this going into the meeting, but he still had a very bad reaction. >> stay with your back to the door. >> oh, cut it out. >> you cut it out. >> it's protocol for an inmate when he's leaving his unit to be strip searched and they have to squat and cough so staff knows he's not hiding any weapons in a body cavity. joe had been doing that forever. he had done it a million times, and suddenly as he was nearing his release date he started to refuse to do it. >> no, i ain't got nothing on me.
i want to get my first income tax check. i want to get a driver's license. i want to get a car that's legit under my name. >> have you ever had any of these experiences? >> no. >> but later in our stay, sanchez found out that due to a miscalculation of his sentence, his release would be delayed by 15 days. >> when we checked in with joe a couple weeks later, he was preparing to go to a meeting with prison staff. he was going to be told that they had miscalculated his...
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. >>> senate leaders are working tonight on a last-minute compromise to avoid a combination of tax increases and spending cuts known as the fiscal cliff. >>> george h.w. bush has been moved out of the intensive care unit of a houston hospital as his condition improves. >>> and a winter storm is hitting the northeast with an expected 8 inches of snowfall expected to hit new england. >>> tyler, texas, march 22nd, 2006. a state trooper's viciously shot on a dark highway, and it's caught on his dashboard camera. >> get in the car! get in the car! >> the incident begins when steve stone with the texas department of public safety catches a pickup truck speeding. it takes a bit longer than usual for the driver to pull over. >> he didn't want to stop for me. you can hear me in the video saying he didn't want to stop for me. it's just something i took note of but it was nothing that would cause me to be on alert immediately. >> his dashboard camera begins recording a bone-chilling incident that the highway patrolman still can't believe he survived. >> and i thought, you ain't going to make it through
. >>> senate leaders are working tonight on a last-minute compromise to avoid a combination of tax increases and spending cuts known as the fiscal cliff. >>> george h.w. bush has been moved out of the intensive care unit of a houston hospital as his condition improves. >>> and a winter storm is hitting the northeast with an expected 8 inches of snowfall expected to hit new england. >>> tyler, texas, march 22nd, 2006. a state trooper's viciously shot on a dark...
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and the pledge is slowly, grover norquist, anti-tax pledge, which is no way to run a business or the government. revenues are important if you understand a balance sheet. and that thing has haunted us for a long time and is slowly losing. >> krystal ball, the biggest loser. >> mine has helped in part make joy's rupert murdoch which is karl rove. people thought if they didn't like him, he was very smart. he exposed himself to not be very smart on election night over at that other network. >> we only have two people left who may please me by choosing donald trump. alex wagner, the biggest loser of 2012? >> donald trump -- >> correct, correct, you get the ipad. >> i hate to disappoint you, it is shelden addelson -- the house is always supposed to win, and the house lost big time. >> great. that was great. >> steve, biggest loser. >> i want an ipad, but the big loser, the name for generations, the gold standard in public opinion polling -- gallugallup. gallup, all of october, on election day said romney has an advantage, going to win this, and people are going to look more skepticalally
and the pledge is slowly, grover norquist, anti-tax pledge, which is no way to run a business or the government. revenues are important if you understand a balance sheet. and that thing has haunted us for a long time and is slowly losing. >> krystal ball, the biggest loser. >> mine has helped in part make joy's rupert murdoch which is karl rove. people thought if they didn't like him, he was very smart. he exposed himself to not be very smart on election night over at that other...
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seems to be a vote on taxes. democrats will be able to pocket taxes, but it will be separate from spendsing cuts from the outset and then likely there will be another set of negotiations after the new year that will have spending cuts and taxes in it. that sounds like a recipe for democrats getting more in taxes than they would have with an up front deal. are your colleagues worried about that at all or are you? >> first of all, you are enlightening me so something that i was not aware of. that was not the conversation i had with my colleagues across the aisle or with the minority leader. so, you have information that i don't have. look, we cannot solve the problem with taxes you have to do both. this country is in trouble fiscally and financially as well as ratings. if we do not do something significant, we will have a rating problem. and there will come a time that we cannot afford the interest. what is the best thing that we can do now, given the political dynamics in washington that actually makes difference
seems to be a vote on taxes. democrats will be able to pocket taxes, but it will be separate from spendsing cuts from the outset and then likely there will be another set of negotiations after the new year that will have spending cuts and taxes in it. that sounds like a recipe for democrats getting more in taxes than they would have with an up front deal. are your colleagues worried about that at all or are you? >> first of all, you are enlightening me so something that i was not aware...
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and let's focus on spending not taxes. that is where the problem is. >> there's disagreement over what colin just said, the president seems to be dealing from a position of strength, is he likely to get concessions that he needs to get the plan through or is this simply about revenues? >> this is mostly about revenues at this point, i think any deal that you will see the next day will be very narrow in scope. we will mostly deal with the issue of revenues and it will show republicans really backing down for their no-tax position and allowing a rate increase of some kind, that said, i'm still very skeptical that they can get to a point that can get all sides agreeing to something and it's something that the republicans can agree to in the house. you know, there's a very, very -- a slim chance of that happening, but if anything happens, it's going to be a small scope deal and not the big about deal that they have been talking about for a long time. >> colin, are you at all surprised that john boehner has been sidelined at th
and let's focus on spending not taxes. that is where the problem is. >> there's disagreement over what colin just said, the president seems to be dealing from a position of strength, is he likely to get concessions that he needs to get the plan through or is this simply about revenues? >> this is mostly about revenues at this point, i think any deal that you will see the next day will be very narrow in scope. we will mostly deal with the issue of revenues and it will show...
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clearly, i don't want taxes to go up. taxes shouldn't go up on anyone. but to only raise taxes on those who are the top earners will only fund the government something like eight days. this is something that the american people need to understand and recognize. there are big failures going on in washington and people need to take notice and hold our politicians accountable. >> arthel: michael? >> if she's right and it's only eight days, why would the republicans hold every american taxpayer hostage for eight days' worth of a deal? there should be a deal on the tax part. it should happen in the next few hours. this is an artificial deadline created by a bunch of politicians two summers ago because they couldn't consume to an agreement. so that's why we're here on the new year's eve trying to figure out how not to have taxes go up by 99.7% of americans, which is what will happen come new year's day. that's why i think you're going to get it. the politician doesn't want to be the one to say i created the largest tax hike in history. >> arthel: so michael, w
clearly, i don't want taxes to go up. taxes shouldn't go up on anyone. but to only raise taxes on those who are the top earners will only fund the government something like eight days. this is something that the american people need to understand and recognize. there are big failures going on in washington and people need to take notice and hold our politicians accountable. >> arthel: michael? >> if she's right and it's only eight days, why would the republicans hold every american...
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and the estate tax. it goes on. it goes on. it goes on. why, david jackson, haven't people started screaming from the streets and screaming from the rooftops about what this mean, this is a manufactured crisis. >> well, they haven't felt it in their paycheck and they will after january 1. the government will be taking more out of their paychecks and when the tax time will roll by in april, they'll feel it and businesses will feel it. once people will see they're losing money on this deal you'll see more public outrage about it. >> david naka, mura, calling for an up or down vote if the senate can't come up with it. he's talking about 250,000, at one point 400,000. is it realistic to think that the president can win this thing on an up or down vote? >> if they actually go to an up and down vote there will be a lot of pressure on those who were against a temporary fix with this to make their case known and actually go on the record. that's why the question is would the republican senators who would oppose
and the estate tax. it goes on. it goes on. it goes on. why, david jackson, haven't people started screaming from the streets and screaming from the rooftops about what this mean, this is a manufactured crisis. >> well, they haven't felt it in their paycheck and they will after january 1. the government will be taking more out of their paychecks and when the tax time will roll by in april, they'll feel it and businesses will feel it. once people will see they're losing money on this deal...
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and what about the state -- estate tax. >> the estate tax punishes family farmers in my district and small business people. that money has been taxed a lot of times people have to selllet family farm to pay the taxes or family business it is it a shame and we need to get it fixed and solved. we need permanence and a bigger exemption and something like we have today would make it work. >> and congressman, what about the debt limit. we'll hit the debt ceiling, 16.4 trillion . is that going to be worked in this piece of legislation or is that after the new year. >> i hope that we are able to work it in this legislation. then we would avert another man made crisis that we are all too good at doing these days . ive would hope it is part of the package but should never be a part of the negotiation. i know you all discussed many, many times is something that is raised routinely over the last 50 years and something in the law and doesn't save us or spending more money it just shuts the government down . risks the full faith and credit of the united states it is it about recognizing the debts
and what about the state -- estate tax. >> the estate tax punishes family farmers in my district and small business people. that money has been taxed a lot of times people have to selllet family farm to pay the taxes or family business it is it a shame and we need to get it fixed and solved. we need permanence and a bigger exemption and something like we have today would make it work. >> and congressman, what about the debt limit. we'll hit the debt ceiling, 16.4 trillion . is that...
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cuts or not for tax cuts? so people are a little smarter than that. and a lot of members of congress are wary. so if they get democrats to vote for this, that's going to be a bipartisan deal they can all hang their hats on. but does it achieve the long-term reform the president and a lot of conservative republicans say they're looking to see in government? >> i'm really glad you said that. david she hit on something important. you can't avoid this debate. it's everywhere. but she just suggested we're not going to fall for that. you're not going to fool us. you're not going to come back and say we went off the cliff and now we're voting for taxes. we're not going to fall for that. so who is going to come out if there is a deal before january 1? who's going to come out looking into this? is anybody? who's going to come out looking bad or worse than bad? >> a couple of thimgs things, t.j. i think it depend on what the ultimate deal is and where that line for threshold on tax increases is. looking ahead to the 201
cuts or not for tax cuts? so people are a little smarter than that. and a lot of members of congress are wary. so if they get democrats to vote for this, that's going to be a bipartisan deal they can all hang their hats on. but does it achieve the long-term reform the president and a lot of conservative republicans say they're looking to see in government? >> i'm really glad you said that. david she hit on something important. you can't avoid this debate. it's everywhere. but she just...
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extending tax cuts for those making $250,000 or less. and continuing unemployment benefits for the millions who will lose them when the new year strikes. >> that's the bare minimum that we should be able to get done. >> reporter: it's clear whatever happens, there is no time, now, for a grand bargain on the even tougher issues. cutting spending and raising the debt ceiling. >> we're going to end up with a small, kick the can down the road bill, that creates another fiscal cliff to deal with this fiscal cliff. how irresponsible is that? >> reporter: and as washington's still, the stock market burns. dropping for a sixth-straight day under all this uncertainty. americans are burning up, too. >> this is america. they should be working for the american people. >> the parties are trying to outdo each other. >> can't believe we got this close. >> get in a room and don't come out of the room until you've got this thing taken care of. >> reporter: now, senate leaders say they hope to have a plan they can bring to the senate tomorrow. and by tomo
extending tax cuts for those making $250,000 or less. and continuing unemployment benefits for the millions who will lose them when the new year strikes. >> that's the bare minimum that we should be able to get done. >> reporter: it's clear whatever happens, there is no time, now, for a grand bargain on the even tougher issues. cutting spending and raising the debt ceiling. >> we're going to end up with a small, kick the can down the road bill, that creates another fiscal...
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lou: let's start with the idea taxes that this president wants $1.6 trillion in new taxes. that is a heck of an initial bargaining position, isn't it.> >> the president talks about tax rates.te he wants tax rate increases and he converted into dollars.x rev the real question is can you raise tax revenues.se the only way that we will raise enoughevenues to get us out of trouble is private sectorsetor growth. tas you will not have private sectoc growth if you're saraying thate you're going too raise their health care costs or energy costs or labor costs. going t people aroe going to invest. job you are going to find that job creation is unique. american businesses want aess io president to succeed. i didn't vote for him, but hisey success is tied to my success. t conversely, his success is tied to the success of american bs business. there ought to be some common ground here. i'm just not seeing it yet. youh lou: what do you think of the idea that it doesn't ceos from companies show that the white house to talk big with the big guys, but small business thatf creates most thes
lou: let's start with the idea taxes that this president wants $1.6 trillion in new taxes. that is a heck of an initial bargaining position, isn't it.> >> the president talks about tax rates.te he wants tax rate increases and he converted into dollars.x rev the real question is can you raise tax revenues.se the only way that we will raise enoughevenues to get us out of trouble is private sectorsetor growth. tas you will not have private sectoc growth if you're saraying thate you're...
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programs, and thirdly, they want to p protect the wealthiest estates from any changes of the estate tax because they will have to give something on the rates, and they want to push the threathold of the rate increase as high as they could and go back to the $400,000 that they were offered from the president before. >> right. >> and all of that is absolutely true, and also in addition, what we are looking at of course is the poll numbers. when you talked, i thought it was brilliant that you said that we are the cop tes tantntestant the reality when you look at the republican actions in particular, and the republican actions are polling 20% approval and the president is polling 50% approval, but the 20% approval is about the action on the cliff and not how they play in their individual districts. so when you travel around the country, and i have been to e tea party country in arizona, et cetera, there is a huge incentive for some of the more junior members of congress to stand their ground. it doesn't have to do with the fiscal math of the country, but it has to do with the electoral math
programs, and thirdly, they want to p protect the wealthiest estates from any changes of the estate tax because they will have to give something on the rates, and they want to push the threathold of the rate increase as high as they could and go back to the $400,000 that they were offered from the president before. >> right. >> and all of that is absolutely true, and also in addition, what we are looking at of course is the poll numbers. when you talked, i thought it was brilliant...
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tacking them, taxing carbon would help give cues to drive investment into clean energy. another way -- >> they are very skeptical about clean energy. you also have to realize it's a terrible investment for the past decade. this is not an easy problem. >> one of the problems is lack of markets. the government could do a lot to fix that by consuming clean energy and vehicles. the federal government is in the u.s. is the single largest consumer of clean energy. if you add state and federal spending, if you look at the percentage of the gdp, the public sector, it's over 1%. >> and what helps is lots of natural gas in the united states. so there's even an alignment with what i think are going to be the economic interests. >> so the problem is that will probably make the unemployment problem worse and that lowers the return to investing in a heavy industry, that lowers the average real interest rate and the problem that they face is that the real interest rate is negative and that makes it difficult for us to achieve full employment. so you're making that problem harder by tax
tacking them, taxing carbon would help give cues to drive investment into clean energy. another way -- >> they are very skeptical about clean energy. you also have to realize it's a terrible investment for the past decade. this is not an easy problem. >> one of the problems is lack of markets. the government could do a lot to fix that by consuming clean energy and vehicles. the federal government is in the u.s. is the single largest consumer of clean energy. if you add state and...
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. >> t-minus three days until everyone's taxes go up. the politicians are in a mad scramble this morning. so, what are the odds of a deal to prevent disaster? >>> the price of fashion. are your skinny jeans a health risk? why doctors are warning of nerve damage, abdominal pain, heart burn, even blood clots. >>> "x factor" ax? is britney spears about to lose her job as a judge on a talent show? why simon cowell reportedly thinks she's toxic to the show's success. >>> and good morning, everyone. we've got a lot to get to this last week of 2012. can you believe this year is almost over? and of course, we're going to start the show with weather. take a look at snow falling overnight in illinois. the year ending with a one-two punch of nasty winter weather for much of the country. ginger zee will tell us how it will affect your travel plans. the second storm in just a matter of days. >> nothing makes ginger happier than a big winter storm. we'll talk to her in just a moment. >>> speaking of travel. this is exactly what you do not want to hear
. >> t-minus three days until everyone's taxes go up. the politicians are in a mad scramble this morning. so, what are the odds of a deal to prevent disaster? >>> the price of fashion. are your skinny jeans a health risk? why doctors are warning of nerve damage, abdominal pain, heart burn, even blood clots. >>> "x factor" ax? is britney spears about to lose her job as a judge on a talent show? why simon cowell reportedly thinks she's toxic to the show's...
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he says the least congress can do is protect most american tax pairs from rising tax rates due to take effect in the next couple of days. the least, it appears, rebecca, appears to be the most they can do. >> thank you. we'll check back later in the program. for more on how we got into this situation and what happens if nothing happens. michael santoly, it's great to have both of you with us. where does this stand right now? >> right now they're negotiating and things are being worked out behind closed doors by the top leaders in the house and senate and the white house, but particularly on the senate side right now and the question is can the senate leaders get together and come up with a plan that can pass through the senate that will at least give us a band-aid to prevent all these fiscal cliff measures from kicking in. but then after that can it pass the house of representatives and will speaker john boehner be able to find a way to get it through that might require actually mostly democratic votes which will leave republicans very unhappy with him. you'll have a couple of needles
he says the least congress can do is protect most american tax pairs from rising tax rates due to take effect in the next couple of days. the least, it appears, rebecca, appears to be the most they can do. >> thank you. we'll check back later in the program. for more on how we got into this situation and what happens if nothing happens. michael santoly, it's great to have both of you with us. where does this stand right now? >> right now they're negotiating and things are being...
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did anybody think about the ramifications like these tax cuts, these tax cuts and all this spending going on? >> well, i think that the question is, you know, how do we pay for the tax cuts. and i think there are reasonable ways to do so. it just seems that our friends on capitol hill on both sides of the aisle have a difficulty in, you know, making necessary -- making necessary spending reductions to enable progrowth policies to persist. and that's an unfortunate thing. yeah, look, this was -- i heard a previous guest say this was a deal with the devil because it, you know, because it -- you got tax cuts now for ten years and a date certain for when they would go away. that's true, but we thought we were dealing with adult policy makers in washington and we thought that people would do the right thing with respect to fiscal policy. look, we wouldn't be in this circumstance, you know, president obama actually extended these tax cuts with the intent that washington would take a more reasonable look at how we can phase in fiscal policy in a way that wouldn't do damage to the overall economy
did anybody think about the ramifications like these tax cuts, these tax cuts and all this spending going on? >> well, i think that the question is, you know, how do we pay for the tax cuts. and i think there are reasonable ways to do so. it just seems that our friends on capitol hill on both sides of the aisle have a difficulty in, you know, making necessary -- making necessary spending reductions to enable progrowth policies to persist. and that's an unfortunate thing. yeah, look, this...
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whose taxes will go up? people who earn more than 250,000 a year or people who earn more than 450,000 a year? republicans want to see the 450,000 threshold and democrats, 250,000. you need a few republicans in the house and democrats in the senate. it's more likely to be the 400,000 threshold. something the president offered. what does this do about taxes on inherited estates? currently, an estate worth $5 million or more gets taxed at a 35% rate. will that stay or change at all? and all of the automatic budget cuts we've deputy talking about for a year. nothing that would suggest that something will come up, later perhaps by march when they talk about the debt ceiling. >> he's talking about later in march, talking about a small deal being done now, which means we have to be back doing this all over again. >> yeah, the only thing on the table at this point are the tax rates extending bush tax cuts and a whole suite of things that were part of the fiscal cliff that aren't going to be touched. we'll have the d
whose taxes will go up? people who earn more than 250,000 a year or people who earn more than 450,000 a year? republicans want to see the 450,000 threshold and democrats, 250,000. you need a few republicans in the house and democrats in the senate. it's more likely to be the 400,000 threshold. something the president offered. what does this do about taxes on inherited estates? currently, an estate worth $5 million or more gets taxed at a 35% rate. will that stay or change at all? and all of the...